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47
Capital loss: If capital loss arises such loss will be set-off and carry forward as per
sec 40 of the I.T. Ordinance 1984. In such a case if losses arise in this head in an income year it can be set off against income of other capital profit head. If there is no other head it can be carry forward for next year/years to set off. But if losses are not more than tk.5000 it can not be carry forwarded and if it exceeds tk.5000, the excess amount is eligible for carry forward.
48
49 then, instead of the capital gain being charged to tax as income of the income year in which the transfer took place ,it shall, if the assesses so elects in writing before the assessment is made , be dealt with in accordance with the provisions of sale of assets of business or profession. Capital gain arising from bonus shares: Capital gain arising from bonus shares: Capital gain arising from bonus sale of bonus shares is exempted from charging capital profit tax applicable under section 31 of the I.T.ordiance, 1984.